The core PCE in the US was not so scary and that sent yields lower and the stocks higher. However, the USD is closing the day higher. US core PCE fell to 2.8% from 2.9%. The headline number declined to 2.4% from 2.6%. The three-month, six-month, and 12 year inflation...
RBNZ dep gov Hawkesby: policy is going to stay restrictive for some time yet
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Bank of Japan Governor Ueda says inflation is dropping back at a rapid pace
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NASDAQ index closes at an all-time record high. Highest close since November 2021
The NASDAQ index closed the day at a new all-time high closing level surpassing the November 2021 high close at 16057.44.. The S&P index closed just below its all-time high closing level at 5102.40 reached on February 23, 2024. All three indices have now made new...
Japan’s Kanda comments on the wires – on geopolitics, not on Japan monetary policy or yen
Japan's Finance Ministry's Vice Finance Minister for International Affairs Kanda. He is the guy who will instruct the BOJ to intervene, when he judges it necessary. Often referred to as Japan's 'top currency diplomat'.He's passing remarks on G20 discussions. He...
New Zealand January building permits -8.8% m/m (prior +3.7%)
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Economic calendar in Asia 01 March 2024 – China PMIs for February
New Zealand building permits will kick off the calendar. We've already had data from NZ this morning:Australia data follows, then from Japan. Reserve Bank of New Zealand is hitting the speaking circuit still. The focus for the session is on the official PMIs from...
Trade ideas thread – Friday, 1 March, insightful charts, technical analysis, ideas
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New Zealand consumer sentiment in January 94.5 (vs. 93.6 prior)
ANZ Consumer Confidence Index from New Zealand for January 2024 moves 1.0% higher (prior +0.5%)A reading above 100 shows optimism, while below that indicates pessimism. ANZ comments on the inflation expectations question on this survey: "Household inflation...
WSJ Timiraos: A couple of ways to look at inflation…
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Cleveland Fed Pres. Mester: There is a little more work for the Fed to do on inflation
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Crude oil futures settle at $78.26
Crude oilThe price of the WTI crude oil futures are settling at $78.26. That is down $0.28 or -0.36%.The high price today reached $79.24. The low price extended to $77.99. At the high, the price tested the January 26 high at $79.29. Yesterday the price extended above...
Kiwi Dollar struggles at crucial moving average level
NZDUSD keeps finding support at the 200 day MAThe NZDUSD moved sharply lower yesterday after the Reserve Bank of New Zealand rate decision was unchanged with a more dovish bias. That was in contrast to the market assessment that the central bank would be more hawkish...
US House of Representatives passes stopgap bill to avert partial government shutdown
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ECBs Panetta: Inflation is falling faster than expected
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BLS retracted email highlights skews in CPI data
I missed this earlier but Bloomberg is out with an intriguing report highlighting US inflation dynamics around seasonal adjustments in the CPI report.It cites an email from the BLS that was sent to some users and the retracted. It said:The weights for single family...
Fed’s Mester doesn’t comment on monetary policy
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Dallas Fed trimmed mean PCE price index +5.0% vs +1.8% prior
Six month annualized trimmed mean 2.9% vs 2.5% prior12 month trimmed mean 3.2% vs 3.2% priorThis is a big jump in core inflation.If you look at the major components, some of the deflationary stuff that was trimmed out was gasoline, used autos and jewelry.While things...
Bitcoin continues the run lower
As opposed to the tumble yesterday which moved the price of Bitcoin from $64000 to $58800 in about 15 minute window, today there has been a more orderly fall. As outlined earlier in a post (see post here), getting below the 200 bar MA (green line in the chart above,...
Bias shift: EURUSD drops to fresh session/week low and near key 4-hour chart MA
The EURUSD is moving to a new session and week low and in the process has broken back below a cluster of moving averages including the:200-day moving average 1.08256200- bar moving average on the 4-hour chart at 1.0820100-day moving average 1.08134.The prices also...